U.S. consumer bankruptcy filings totaled 709,303 nationwide during the first six months of 2011, an 8% decrease from the 770,117 total consumer filings during the same period a year ago, according to the American Bankruptcy Institute (ABI).
The overall June consumer filing total of 119,768 represented a 5% decrease from the 126,270 filings recorded in June 2010. ABI relies on data from the
National Bankruptcy Research Center (NBKRC).
"The drop in bankruptcies for the first half of the year shows the continued efforts of consumers to reduce their household debt, and the overall pull back in consumer credit," says ABI Executive Director Samuel J. Gerdano.
The June 2011 filings did represent a 4% increase from the May 2011 consumer bankruptcy total of 114,803 filings. The percentage of chapter 13 filings for June was 28%, a 1% increase from May.
ABI was founded in 1982 to provide Congress and the public with unbiased analysis of bankruptcy issues. The ABI membership includes more than 13,000 attorneys, accountants, bankers, judges, professors, lenders, turnaround specialists and other bankruptcy professionals, providing a forum for the exchange of ideas and information.
